Abstract:

The capital structure is expressed as the resources employed by in asset financing. The resources used should be selected from the elements that cost the business at least and benefit the most, since they can affect the risk of the business. The risks and advantages faced depending on the preferred capital structure are sometimes a signal of the business by investors, sometimes directly constituting certain limitations, sometimes creating a lifting effect, and can affect the value of the business positively or negatively. Therefore, the impact of the capital structure on the value of the company has been a topic that is often discussed in literature. This study is aimed at identifying the impact of the capital structures of enterprises traded in Borsa Istanbul (BIST) 100 on company values. The aim is to contribute to the literature by adding interactive variables to the econometric models involved in the studies that address the same research issue. 26 companies have used quarterly data from the 2nd quarter of 2010 to the 3rd quarter of 2020. The panel data analysis method used the company’s value indicators for active profitability (roa), self-source profitability (roe) and Tobin q. Capital structure indicators have been used as financial lifting (fk), receiving turnover rate (adh), stock turnover rate (sdh), net working capital/totally active (ncsta), liquidity financial lifting interactive variable (coxfk) and size financial lifting (lnaxfk) interactive variable. According to the findings of the study, the fk and dlnaxfk variables have a negative and meaningful impact on active profitability, while their own source profitability has a meaningful and negative impact on the fk, ncsta and dlnaxfk variables.

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